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President Donald Trump speaks with reporters before departing on Marine One on the South Lawn of the White House, Wednesday, Aug. 21, 2019, in Washington. (Alex Brandon/AP)

A livid President Trump tore into Federal Reserve Chairman Jerome Powell on Friday as a “bigger enemy” than China — sending markets plunging as fears of a recession fueled by the spiraling trade war.

After Powell pointedly warned in a speech that he could not undo the damage from Trump’s signature tariffs, the president tore into the banker for failing to stop a looming economic downturn that could doom his 2020 reelection bid.

The extraordinary broadside aimed at Powell — and onetime buddy Xi — came just hours after China announced new tit-for-tat tariffs on American goods, a move that could herald a dangerous new stage of the still-growing trade feud.

Trump had up to now lavished praise on Xi, even as he vows to crush China in a trade war that he claims is great for America.

Apparently unnerved by signs of a wobbly economy, Trump changed his tune on Friday, lashing out at Xi in a tweetstorm that blamed him for stealing billions in American intellectual property and flooding the U.S. with the drug Fentanyl.

Trump may have hoped that Powell would signal a major new push to juice the economy to compensate for the trade war. Instead, the powerful central bank boss sounded a cautious note, saying that consumer demand remains strong and unemployment is low.

Powell’s speech poured cold water on hopes the Fed will quickly drop interest rates. Trump has openly demanded a massive cut of a full 1%.

The stock market, which famously hates unpredictability, sunk on the triple dose of bad news: China’s trade retaliation, Powell’s dovish speech and Trump’s angry response to both of them. The Dow was down nearly 1. 5% by mid-morning.

Political analysts believe Trump is concerned that a softening economy or a full-blown recession could cripple his reelection prospects.

Although Trump is historically unpopular, most incumbent presidents have won reelection in times of prosperity. A recession could mean all bets are off for him.